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Japan Exchange Group
(8697)
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Rating:79Outperform
Price Target:
¥2,622.00
▲(17.00% Upside)
Action:Reiterated
Date:08/06/26
The score is primarily driven by strong financial performance (high profitability, modest leverage, healthy ROE, and solid free cash flow), supported by a constructive technical trend (price above key moving averages and positive MACD). Valuation is the main restraint due to a relatively high P/E, only partly offset by a ~2.78% dividend yield.
Positive Factors
High & Stable Profitability
JPX reports consistently high operating profitability and strong net income, with margins described as robust and generally stable across FY2021–FY2025. That persistent earnings quality supports durable free cash generation, reinvestment capacity, and sustainable shareholder returns over the medium term.
Negative Factors
Cyclicality in Revenue & Cash Flow
Revenue and cash flow have shown non‑linear trends and at least one notable down year, reflecting cyclicality. Irregular top-line and FCF paths complicate multi-quarter forecasting and can pressure capital allocation timing, making medium‑term earnings less predictable despite strong margins.
Read all positive and negative factors
Positive Factors
Negative Factors
High & Stable Profitability
JPX reports consistently high operating profitability and strong net income, with margins described as robust and generally stable across FY2021–FY2025. That persistent earnings quality supports durable free cash generation, reinvestment capacity, and sustainable shareholder returns over the medium term.
Read all positive factors
Japan Exchange Group (8697) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥2.24T
Dividend Yield2.78%
Average Volume (3M)4.05M
Price to Earnings (P/E)24.6
Beta (1Y)0.96
Revenue Growth32.21%
EPS Growth48.75%
CountryJP
Employees1,268
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)89.22
Shares Outstanding1,031,785,300
10 Day Avg. Volume3,798,630
30 Day Avg. Volume4,050,496
Financial Highlights & Ratios
PEG Ratio0.76
Price to Book (P/B)5.39
Price to Sales (P/S)9.35
P/FCF Ratio17.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)100.66
Revenue Forecast (FY)¥248.25B
Japan Exchange Group Business Overview & Revenue Model
Company Description
Japan Exchange Group, Inc. operates as a financial instruments exchange holding company in Japan. It engages in the operation of financial instruments exchange markets for trading listed securities and derivatives instruments to market users; publ...
How the Company Makes Money
JPX primarily makes money by operating securities and derivatives markets and charging fees tied to trading activity and listings, alongside revenue from clearing and information services. Key revenue streams include: (1) Transaction-related fees:...
Japan Exchange Group Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 221.34B | 199.05B | 164.17B | 157.80B | 134.50B | 135.64B |
| Gross Profit | 170.95B | 142.55B | 133.33B | 86.02B | 66.93B | 72.41B |
| EBITDA | 154.05B | 135.25B | 108.81B | 105.81B | 87.27B | 91.06B |
| Net Income | 91.68B | 79.14B | 61.09B | 60.82B | 46.34B | 49.95B |
Balance Sheet | ||||||
| Total Assets | 67.54T | 71.60T | 85.40T | 80.68T | 82.19T | 71.46T |
| Cash, Cash Equivalents and Short-Term Investments | 230.91B | 274.48B | 98.43B | 128.02B | 211.21B | 211.35B |
| Total Debt | 52.49B | 52.49B | 52.49B | 52.48B | 52.97B | 52.47B |
| Total Liabilities | 67.20T | 71.24T | 85.05T | 80.34T | 81.87T | 71.14T |
| Stockholders Equity | 321.14B | 345.01B | 340.82B | 328.36B | 312.73B | 315.65B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 106.78B | 84.42B | 63.97B | 55.58B | 43.26B |
| Operating Cash Flow | 0.00 | 107.75B | 86.14B | 79.57B | 66.88B | 58.19B |
| Investing Cash Flow | 0.00 | -15.24B | -61.22B | -7.17B | -8.52B | -13.30B |
| Financing Cash Flow | 0.00 | -80.48B | -54.50B | -43.20B | -52.90B | -59.75B |
Japan Exchange Group Technical Analysis
Positive
2241.00
Price Trends
2132.67
Positive
2000.10
Positive
1871.06
Positive
Market Momentum
29.97
Positive
58.23
Neutral
46.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8697, the sentiment is Positive. The current price of 2241 is above the 20-day moving average (MA) of 2213.75, above the 50-day MA of 2132.67, and above the 200-day MA of 1871.06, indicating a bullish trend. The MACD of 29.97 indicates Positive momentum. The RSI at 58.23 is Neutral, neither overbought nor oversold. The STOCH value of 46.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8697.
Japan Exchange Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ¥2.24T | 24.57 | 18.91% | 2.72% | 32.21% | 48.75% | |
73 Outperform | ¥2.01T | 4.03 | 26.86% | 2.63% | 23.11% | 103.05% | |
70 Outperform | ¥2.45T | 14.34 | 10.35% | 3.49% | 7.41% | 15.07% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | ¥269.65B | 14.83 | 19.66% | 5.13% | 43.71% | 73.74% | |
60 Neutral | ¥190.58B | 18.39 | 7.85% | 3.66% | 83.65% | 4.34% | |
56 Neutral | ¥176.59B | 16.24 | 8.98% | 4.18% | 17.45% | ― |
* Financial Sector Average
JP:8697
Japan Exchange Group
2,294.00
819.07
55.53%
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1,825.50
776.19
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JP:8511
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2,484.00
671.25
37.03%
JP:8698
Monex Group
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-45.86
-6.12%
JP:8628
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348.15
48.98%
JP:8473
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3,092.00
97.88
3.27%
Japan Exchange Group Corporate Events
Japan Exchange Group Lifts Earnings and Dividend Outlook on Stronger Trading
Jul 28, 2026
Japan Exchange Group has sharply upgraded its earnings outlook for the fiscal year ending March 2027, citing stronger-than-expected market activity, particularly higher average daily trading values in stocks and increased volumes in some equity in...
Japan Exchange Group Posts Sharp Profit Surge in Q1 FY2026
Jul 28, 2026
Japan Exchange Group, Inc. reported strong first-quarter fiscal 2026 results, with operating revenue rising 50.8% year on year and operating income up 73.3%. Net income attributable to owners of the parent surged 73.6%, while operating expenses cl...
Japan Exchange Group Hikes Profit Outlook and Dividends on Strong First-Quarter Results
Jul 28, 2026
Japan Exchange Group reported a sharp jump in earnings for the three months ended June 30, 2026, with operating revenue rising 50.8% year on year to 65.5 billion yen and net income attributable to owners of the parent surging 73.6% to 29.6 billion...
Japan Exchange Group Completes JPY 20 Billion Share Buyback Tranche
Jul 7, 2026
Japan Exchange Group, Inc., operator of Japan’s leading stock and derivatives exchanges, offers core market infrastructure, trading and clearing services, and related market operations to global and domestic investors from its Tokyo Stock Ex...
Japan Exchange Group Advances Share Buyback with JPY 16.2 Billion Repurchase
Jul 1, 2026
Japan Exchange Group has repurchased 7,692,600 of its own common shares on the Tokyo Stock Exchange between June 1 and June 30, 2026, at a total cost of about JPY 16.16 billion. The buyback is part of a broader share repurchase program authorized ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.